Democrats in Congress have agreed to provide a $100 billion credit line to the International Monetary Fund, tagging it onto the war supplemental intended for operations in Afghanistan, Pakistan, and Iraq.

The measure would also increase the U.S. member contribution to the IMF by $8 billion and authorize the United States to back the IMF’s plan to sell 400 tons (12.97 million ounces) of gold, according to lawmakers’ aides quoted in a Reuters report.

This would fulfil Obama’s pledge to the G20 in April, to contribute toward a $500 billion boost for the IMF, which it says will go toward “helping poorer nations” during the economic downturn.

However, what the The Treasury Department is really proposing is an international version of the Wall Street bailout; a $100 billion bailout for the IMF, which amounts to a bailout for European banks facing big losses in Central and Eastern Europe.

If the bill pasess, we will see $100 billion in U.S. tax dollars simply handed over to foreign banks with no oversight.